How does this calculator work?
January 16, 2009 12:28 PM Subscribe
How do mortgage calculations work?
posted by missmobtown to work & money (3 answers total) 1 user marked this as a favorite
As an always-have-been-and-always-will-be renter, I've been free to ignore mortgages and how they're calculated. But now, for work, I need to understand how they're calculated. Specifically, I need to understand how the mortgage calculator on this page works:
https://www.uamc.com/locator/Calculators (select "What Will My Monthly Payments Be?" on the left panel)
Can this be distilled down to a mathematical equation that a programmer on my team would understand?
This is in California, if it makes a difference.